Assahafa.com
Morocco’s economy recorded a nominal gross domestic product (GDP) of MAD 1,463.3 billion in 2023, an increase of 10% compared to 2022, according to the High Commission for Planning (HCP).
The corporate (financial and non-financial) sector, the primary producer of national wealth, contributed 45.1% to GDP, according to the HCP, which has just published an information note on the national accounts of institutional sectors for 2023.
The public administration sector accounted for 15.2% of GDP, down from 16.3% the previous year, while the contribution of households and non-profit institutions serving households (NPISH) reached 29.6% of GDP, up from 28.6% the year before.
Net taxes on production and imports increased by 0.5 percentage points compared to 2022, reaching 10.1% of GDP.
Regarding Gross National Disposable Income (GNDI), it grew by 9.7% in 2023, reaching MAD 1,575.6 billion. This growth is attributed to a 10.5% increase in gross corporate income (financial and non-financial), a 9.7% rise for households and NPISH, and an 8.9% increase for public administrations.
The contributions of institutional sectors to GNDI were as follows: 64.3% from households and NPISH, 19.6% from public administrations, and 16.1% from corporations (including 2% from financial corporations).
Households’ gross disposable income (GDI) rose by 9.6% in 2023, reaching MAD 996 billion, compared to a 4.6% increase in 2022. Employee compensation accounted for 45% of this income, with a 5% rise. Mixed income, including the gross surplus from housing services, represented 40% of households’ GDI and grew by 14%.
Additionally, net property income saw a significant increase of 26%. Combined with social benefits and other net transfers, these revenues contributed 31.9% to households’ GDI.
However, taxes on income and wealth, mainly comprising salary taxes, and social contributions negatively impacted the formation of households’ disposable income by 16.9%.
Final consumption expenditure by households absorbed 88.9% of their gross disposable income. Consequently, the household savings rate was 11.4%.
Social transfers in kind grew by 4.1%, down from 5.7% in 2022. As a result, households’ actual final consumption reached 1,008.3 MMDH, compared to MAD 934.3 billion in the previous year.
Per capita, households’ disposable income reached 26,903 dirhams in 2023, up from 24,791 dirhams in 2022, marking an 8.5% increase. Following a 6.1% rise in the general consumer price index in 2023, households’ purchasing power improved by 2.4 percentage points after a 3-point decline in 2022.
Source: map
